Monthly Income Deposit

Deposit TypeMonthly Income Plan
Interest Updation MethodSimple Interest (Discount Method)
Interest MethodInterest on deposits, per month or Interest must earned on that Account
Customer Interest PaymentMonthly interest amount is relevant to depositors convinience cash or depositors savings or current account will be submitted, if desired, they simply cash their money order, or will be, available via Bank Draft
Minimum Amount of Rs10,000 /- or more than 10.000/-
Maximum Amount of RsNo limit
Minimum Duration1 Year
Maximum Duration10 Year
According to this plan,the account holder who is keeping FD have to saving account or current account to the bank.
In the duration of deposit maintaining,the customer if needed 80% of deposited amount with interest on account can be deposit.
Formula for interestcharges principal * interest rates * period of months / (1200 + interest rates )